Stocks in Toronto faltered at Thursday’s open, as investors digested U.S. jobless claims data and the European Central Bank's policy decision.
The S&P/TSX composite index opened Thursday down 20.73 points to 14,438.38
The Canadian dollar regained 0.09 cents at 90.73 cents U.S.
Department store operator Hudson's Bay Co, which bought U.S. luxury chain Saks Inc for $2.4 billion U.S. last year, posted a lower fourth-quarter profit, hurt by higher expenses. Bay shares dwindled 99 cents in price, or 5.3%, to $17.83.
Osisko Mining said on Wednesday that Yamana Gold Inc would buy a 50% stake in its mining and exploration assets for $930 million, a deal that potentially thwarts a hostile bid from Goldcorp.
Osisko shares dipped nine cents to $7.26 to begin the session, while Yamana shares gave back six cents to $9.42. Goldcorp shares dipped 39 cents to $27.22.
In the economic docket, Statistics Canada reported this morning that this country’s merchandise exports grew 3.6% and imports were up 2.1% in February. As a result, our trade balance with the world swung from a deficit of $337 million in January to a surplus of $290 million in February.
ON BAYSTREET
The TSX Venture Exchange nicked ahead 1.18 points to 1,007.47
All but three of the 14 Toronto subgroups were lower at the open, with gold skidding 1.6%, metals and mining dipped 1.4%, and materials gave back 1.3%
The three gainers were consumer staples, up 0.6%, information technology, taking on 0.5%, and utilities, inching up 0.2%.
ON WALLSTREET
After another record high for the S&P 500 Wednesday, stocks could once again hit new milestones Thursday as investors focus on the European Central Bank and wait for U.S. jobs data due Friday.
The Dow Jones Industrial Average gained 20.87 points to 16,593.87. The S&P 500 gained 2.07 from Wednesday’s all-time high close to 1,892.97. The NASDAQ inched up 6.12 points to 4,282.58
In corporate news, Google issued new shares late Wednesday as part of the tech giant's long-anticipated two-for-one stock split. The new class C shares will begin trading Thursday under the ticker, "GOOG," and will come with no voting rights.
Old Google class A shares will trade under the new symbol "GOOGL," and will retain their voting rights.
Shares of both classes of Google should begin trading at around $570 U.S. -- roughly half the value of Wednesday's closing price.
Tesla stock surged late Wednesday on news that it's appealing New Jersey's decision to ban direct car sales in the state.
Yelp was down slightly ahead of the market open after the Wall Street Journal reported that the review site receives around six subpoenas each month, often relating to business owners suing the company. Shares of Yelp fell more than 5% on Wednesday.
Investors are also getting ready for Friday's March jobs report. They'll get another readout on the labour market Thursday when the U.S. Labor Department reports the latest figures on jobless claims.
As widely expected, the ECB said it will keep its key interest rate unchanged at 0.25%. But the central bank is facing growing pressure to do more to stimulate the euro-zone economy as risks of deflation rise and the euro remains strong.
To that end, investors will be listening closely to what ECB President Mario Draghi says in a press conference for clues about whether the ECB will take further steps to prop up the economy.
Prices for 10-year U.S. Treasuries were flat at the outset, keeping yields at Wednesday’s 2.80%.
Oil prices faded 29 cents to $99.33 U.S. a barrel.
Gold prices slipped $4.90 to $1,285.90 U.S. an ounce.
